The difference between the value of a product at the end of one stage of production and the cost of materials purchased from other firms at the beginning of this stage is the
A. value added.
B. net input cost.
C. production profit.
D. gross input cost.
E. value of the intermediate product
A.value added.
You might also like to view...
Suppose the supply of bicycles is price elastic. This means that
A) consumers will respond significantly to an increase in the quantity of bicycles supplied. B) suppliers will respond significantly to changes in the price of bicycles. C) suppliers face many substitutes for bicycles. D) suppliers will increase the quantity of bicycles supplied, but not immediately.
The requirement that certain professionals possess a license in order to work in a particular market has the effect of reducing the supply of those services, which in turn causes:
A) price and the profits of firms in the market to increase. B) price and the profits of firms in the market to decrease. C) price to increase and the profits of firms in the market to decrease. D) price to decrease and the profits of firms in the market to increase.
Which of the following is not one of the three core economic issues that must be resolved?
A. Who should get the goods and services we produce. B. What to produce with limited resources. C. How to produce the goods and services we select. D. What to produce with unlimited resources.
Legislated federal government payments that anyone who qualifies can receive are called
A. balanced expenditures. B. controllable expenditures. C. entitlements. D. a fiscal stabilizer.